IRA Charitable Rollover

The IRA Charitable Rollover allows donors to make “qualified charitable distributions” directly from a retirement plan. Gifts up to $100,000 are excluded from federal income.  For couples filing a joint tax return, each spouse can exclude up to $100,000 for a maximum of $200,000 each year. 

You are making a qualified charitable distribution if:

• You are at least 70½ years old at the time the distribution is made.
• The distribution is made from either a Traditional or Roth IRA.
• The distribution is made to a qualified charitable organization, like the ETV Endowment of South Carolina, Inc.

Yes. The IRA rollover gift will count towards a donor’s yearly RMD.

• Donors who do not itemize or claim a deduction for their charitable contributions.
• Donors who itemize but are unable to deduct fully their current year contributions.
• Donors who normally use withdrawn funds to make charitable gifts that are not fully deductible.
• Donors who are bumped into a higher tax bracket and phased out of certain deductions and credits once their annual distributions are reported as income.

No. Donors receive a financial benefit by being allowed to exclude up to $100,000 of
the charitable distribution from income on the federal return. To allow a charitable deduction would result in a double benefit.

Yes. Although a charitable deduction is not allowed, the entire distribution to the ETV Endowment of South Carolina must meet the same requirements as a fully deductible charitable contribution. As such, no benefits can be received in exchange for the rollover gift. For example, the gift cannot be used to purchase tickets to special events or to fund a life-income arrangement such as a charitable gift annuity.

The process is simple. A donor will need to contact his or her plan administrator and request a Qualified Charitable Distribution, or QCD, be made directly to the ETV Endowment of South Carolina, Inc.  If the donor first receives the distribution and then makes a gift of the funds, the contribution will not count as a qualified charitable distribution. The donor will have to report the distribution as income.  In some cases, the donor may be able to claim a charitable deduction for the amount of the gift.

Another option for making a QCD is through an IRA checkbook, provided by the financial institution.  Instead of requesting a transfer from the IRA custodian, the account holder writes a check to the charity from the IRA checkbook.  

Gift must be received by December 31st for donors to realize the full benefits in the current tax year.

When making a donation through your IRA, please request that your financial institution include your name, address and Member ID with the check that is mailed to the Endowment. 

When making a donation through your IRA, please mail the donation to the ETV Endowment at the address below: 

ETV Endowment
401 East Kennedy Street, Suite B-1
Spartanburg, SC 29302